PARIS – The Cerelia Group has agreed to acquire General Mills, Inc.’s European dough businesses. Terms of the agreement were not disclosed.
The proposed acquisition includes General Mills’ branded and private label dough businesses in Germany, Ireland and the United Kingdom. Both the Knack & Back and Jus-Rol brands also are a part of the agreement.
“These divestitures represent another step in the General Mills accelerate strategy, which is centered on clear priorities on where to play — across geographies as well as platforms and brands — to drive long-term, superior shareholder returns,” General Mills said. “Internationally, the strategy includes efforts to reshape the company’s portfolio for sustainable, profitable growth by increasing its focus on advantaged global platforms, which include Mexican food, super-premium ice cream and snack bars.”
Cerelia is a manufacturer of frozen and refrigerated dough. The company had sales of €500 million ($560 million) in 2020, operates 10 manufacturing plants around the world and employs approximately 1,600. Brands owned by the company include Creapan, Croustipate, Debora, English Bay, Jan and Pop Bakery.
Earlier this year Cerelia acquired US Waffle, Greenville, SC, a processor of private label waffles and pancakes.
The transaction is expected to be finalized by the end of General Mills’ 2022 fiscal year, which ends in May, and is subject to regulatory and closing conditions.